Once you have decided from what resource you will pull your insurance coverage, or at what commercial vehicle insurance company you will decide to cover the interest of you and your business, it’s time to figure out how much exactly you want covered. The answer should be everything possible. When you’re dealing with your paycheck, you don’t want to make any risky decisions. Because of this, getting extra coverage is key to owning or leasing a commercial vehicle.

That’s right, I said leasing. Just like you have to have insurance when you’re renting a car, the same goes for commercial trucks. Even if someone who works for you is using the truck, or a business partner is, so long as it is under your name you need to have insurance on it. Lots of times it is fairly easy to get commercial truck insurance for a truck that you are leasing because the company that you are leasing it from will provide it for you, and there is little need to go somewhere else.

One of the types of coverage that you need to get if you own or lease a commercial truck is physical damage coverage, which is not required by state law but is required by the good sense nodes in your brain. If you’re leasing your truck, your financer will probably make sure that you have this. Either way, it’s good to have. What it is, is basically the equivalent of collision coverage, so if your truck or trailer get damaged it will cover repairs. The premiums will be based on the percentages of the MSRP of the vehicle.

Cheers,

Fashun Guadarrama.